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Frequently Asked Questions about ISAs

Here are some of the questions we get asked a lot about ISAs. If you can’t find the answer you’re looking for please contact us via Live Chat.

  • What is an ISA?

    An Individual Savings Account (ISA) allows you to save or invest money without paying tax on the interest earned.

  • Are ISAs tax free?

    With an Individual Savings Account (ISA) you don’t pay tax on the interest you earn. You can only currently open a Cash ISA or Lifetime ISA with Bath Building Society but there are also Stocks & Shares ISAs available from other providers.

  • How much can I save tax free in an ISA during the tax year?

    Every year, starting on 6th April, you will receive a new ISA allowance. The ISA allowance for 2024/25 is £20,000. You can split your allowance across the different types of ISA and can pay into multiple accounts of each type, but you may only subscribe to one Lifetime ISA in any tax year. Please note Bath Building Society only offers Cash ISAs and Lifetime ISAs.

  • How do I apply for an ISA?

    If you are eligible for a Bath Building Society Cash ISA, you can apply for an Instant ISA via this product page or on our Mobile App.  To open a Fixed Rate ISA, you can download an application form from the product page. You can also open an ISA at one of our Branches.

  • Can I open an ISA in joint names?

    No. As the tax free savings accounts relate to personal tax allowances, you cannot hold an ISA jointly with anyone else.

  • Can I cancel my tax free savings from another provider to Bath Building Society?

    We currently do not accept transfers of an existing ISA, Junior ISA or Lifetime ISA to Bath Building Society. This status is regularly reviewed.

  • Can I withdraw money from a tax free savings account?

    You may be able to withdraw money from your ISA depending on the terms & conditions of the account you have with us. Any money withdrawn will lose its ISA status unless it is transferred out to another Bath Building Society ISA or another provider.

  • What is an APS ISA allowance?

    APS stands for Additional Permitted Subscription. An APS ISA allowance is an additional allowance which is granted to the surviving partner on the death of a spouse or civil partner.